Inventia Healthcare has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 4.50 billion through an initial public offering.
The IPO comprises fresh issuance of equity shares worth up to Rs 1.25 billion, besides, an offer of sale up to 31,64,000 scrips by promoters and other shareholder, according to the draft red herring prospectus (DRHP) filed with Sebi. In the offer for sale, promoters --- Janak Shah and Maya Shah -- and private equity fund Jacob Ballas (rpt) Ballas will sell shares. Proceeds of the issue will be used for payment of outstanding borrowings availed by the company and for other general corporate purposes. "Our company intends to strengthen its capital base and expects to receive the benefits of listing of its equity shares on the stock exchanges, including among other things, enhance our visibility and provide liquidity to our shareholders," the firm noted. The initial public offer (IPO) is expected to fetch Rs 4.50 billion, merchant banking sources said. ICICI Securities and Centrum Capital will manage the company's initial share-sale and the equity shares of the firm will be listed on the BSE and NSE.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.